Banking in Sweden

Different bank branches will require different documents from you as an international customer. Requirements for opening a Swedish bank account usually include a minimum stay of 12 months and a Swedish personal identity number (for some or all services).

You can only get a Swedish personal identity number if you have a residence permit valid in Sweden for at least 12 months. You apply for a Swedish personal identity number through the Swedish Tax Agency (Skatteverket) after you arrive in Sweden. You may also need to have a Swedish identity card from the Swedish Tax Agency to open a bank account.

It is strongly recommended that exchange students make banking arrangements with their home bank. Students staying in Sweden for less than six months will find it difficult to open a bank account.

Opening a bank account

If you are planning to open a Swedish bank account, please note the following:

• In most cases you will need a Swedish personal identity number and a Swedish Tax Agency (Skatteverket) identity card to open an account. Contact the bank of your choice to find out what is required.
• Most Swedish banks will charge you fees for various services. Ask about the fees before you choose a bank.
• Generally, banks do not provide international students with credit/debit cards for online payments.
• Most major credit cards are accepted in Sweden. If you have a credit card from home, you will probably be able to use it in Sweden.
• Do not bring large amounts of cash to the bank. Money laundering legislation requires the bank to ask questions about large cash transactions. If a customer fails to provide identification or a satisfactory explanation for the specific service requested, the bank may refuse to provide the service. This decision is subject to criminal law penalties and sanctions.
• Do not use traveller's or bank cheques.

When you open a Swedish bank account, you will be given an IBAN and SWIFT number. You or your family can use these to easily transfer money from your home account to your Swedish account.

If you are staying longer in Sweden, you will probably find it easier to manage your day-to-day financial affairs with a Swedish bank account. For example, you can pay your rent and other bills by becoming a customer of a Swedish bank.

Becoming a bank customer in Sweden – Swedish Bankers' Association website